The number of housing units created in New York City this year is expected to drop more than 75 percent from 30,000 last year (and the prior four years) to just 6,300 this year, according to the New York Building Congress, though building spending across all sectors should decline by only 20 percent or so. It’s a declining construction market, the NYBC’s president Richard T. Anderson told The Times, but not as much as we anticipated. The report also claims that the construction bear market has bottomed, but developers don’t necessarily agree. They’re way too exuberant, the developer Douglas Durst said, adding that vacancy rates continue to fall and rents are still dropping. Meanwhile, DOB reported that 460 residential projects have been put on hold—and that third of them are in Brooklyn.
Sharp Drop in Building Residences in the City [NY Times]
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